Key Takeaways
- Puig reported first-half 2025 net revenue of €2,299 million, a 7.6% like-for-like growth.
- Jose Manuel Albesa has been appointed Deputy CEO to oversee all divisions.
- Puig maintains a robust financial profile with a net debt/adjusted EBITDA ratio of 1.4x, below the 2.0x threshold.
Strong Financial Performance
Barcelona-based Puig has unveiled impressive first-half results for 2025, reaffirming confidence in its full-year outlook. The company achieved a net revenue of €2,299 million, reflecting a significant 7.6% growth on a like-for-like basis and a 5.9% increase in reported terms, outpacing the overall premium beauty market. Key categories performed well: fragrance and fashion rose by 8.6%, while makeup and skin care grew by 2.0% and 8.6%, respectively.
Adjusted EBITDA reached €445 million, marking an 8.6% increase from the previous year, with the EBITDA margin improving by 0.5 percentage points to 19.4%. Puig is well-positioned to meet its margin improvement targets for FY2025, with adjusted net profit reported at €247 million, corresponding to a 10.8% margin. The reported net profit surged by 78.8% to €275 million, benefitting from favorable year-over-year comparisons that excluded one-off IPO-related expenses from 2024.
Leadership Changes
In a notable leadership update, Puig appointed Jose Manuel Albesa as the new Deputy CEO, a newly created role overseeing all divisions. Albesa will report to Marc Puig, chairman and CEO, to spearhead the company’s next growth phase. Marc Puig expressed confidence in Albesa’s expertise and leadership, emphasizing his integral role in the company’s evolution into a global premium beauty leader.
Highlighting the recent financial successes, Marc Puig remarked, “In the first half of 2025, we delivered strong growth in every region, significantly outpacing the market.” He noted the solid performance in fragrances and a positive recovery in makeup during the second quarter. With the bustling holiday season approaching and the upcoming launch of Carolina Herrera’s latest fragrance, La Bomba, Puig remains optimistic about sustained success.
Additionally, Puig’s commitment to financial discipline has allowed for continued investment in brand growth, which underpins the company’s long-term strategies.
Market Position and Financial Resilience
Puig’s financial stability is highlighted by strong operational cash flow, with a net debt/adjusted EBITDA ratio maintained at 1.4x, notably below the medium-term threshold of 2.0x. This robust financial position supports Puig’s ambitious growth strategies while ensuring stability in a competitive market.
In the global fragrance sector, Puig has achieved notable placements, with its brands—Rabanne, Carolina Herrera, and Gaultier—ranking among the top 10 worldwide. Furthermore, Charlotte Tilbury continues to excel, holding the title of the #1 prestige makeup brand in the UK and climbing to the #3 position in the US.
Overall, Puig’s first-half performance reflects its solid operational strategy and commitment to growth, further reinforced by recent leadership changes and a focus on maintaining financial health in a dynamic market.
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